Russell Padmore
Business correspondent, BBC News

Nigeria might be the richest economy in Africa but that does not impress hard-nosed investors who buy and sell shares at the local stock exchange.
The West African financial market had another losing day today, closing at its lowest level for more than three years, down 2.5%.
Investors are growing increasingly worried about the outlook for the biggest economy in sub-Saharan Africa, largely because the country is too dependent on revenues from the energy industry and the price of oil has fallen through the floor.
Last week, Brent crude oil, the benchmark blend of oil traded in London, fell below $35 (£24) a barrel and prices of West Africa’s Bonny Light crude oil has followed the downward spiral.
Last year, the benchmark gauge of Nigerian shares fell more than 17 % as the market reflected investors fears about the huge economic challenge the government faces.
Six months ago, Nigeria's central bank imposed measures to restrict access to US dollars, used to import certain items, in an effort to conserve its reserves of foreign currency, amid sinking oil prices.
However, the move has made it more difficult for Nigerian manufacturers to buy raw materials from sources abroad, because of limits of supplies of dollars and that is restricting economic growth.
The top shares among the losers today reflect the impact of the central bank’s policy, the cement maker Lafarge Africa is down 9.6%, Unity Bank 9.4% and Dangote Cement, which accounts for about a third of total market capitalisation, shed 4.3%, according to Reuters news agency.
It is reported pension funds are selling shares bought last year to hold cash as a buffer against expected losses caused by Nigeria’s weak economy.

Source:
www.bbc.com/news/live/world-africa-35231590?live_variant=nonjs

Consequences of chanji dole!!!

Buhari is busy 'paitin kwaraption' while the economy is fading away...



We are in for it!!! Lalasticlala e don happen!

Cc: lalasticlala FP please!

Sure things are going down but with time it will get better.

restriction of dollar sales does not solve Nigeria problems as it stands. Only REAL production will. Oil is dead and will not rise again.

restriction of dollar sales does not solve Nigeria problems as it stands. Only REAL production will. Oil is dead and will never rise again.

Reading

Incompetent economic management occassioned by shallow minded politicians who will rather want to be seen as welfarists than anything else.

First step should have been, raise VAT to between 7.5 - 10% & reduce govt. borrowing but hell no, they will borrow N2 trillion & spend 70% of it on recurrent expenses added to the extra N1 trillion of last half of 2015 & a projected N1 trillion from further collapse of oil price coupled with the unrealistic N1.2 trillion projected non-oil exports in 2016 which will further drive up our budget deficit to around N4 trillion in the next 10 months.

At this pace, Nigeria will spending 40-45% of our annual earnings 3yrs from now servicing debts.

How did we get here?

APC should not destroy Nigeria biko.

When economic policies are not properly thought through, what you get is Nigeria.

Bubu body odour caused it

Buhari is in the mold of Julius Nyerere and Kenneth Kuanda: - honest leaders who left their economies in tatters.

Buhari's understanding of economics borders on zero. This restrictive foriegn exchange policies are adversely affecting all sectors of the economy and inflation is rearing its ugly head.

If these wrong headed policies continue for the next 18months, Buhari should kiss a 2nd term bye bye.

APC will give him only so long.

Businessmen will have a strong influence in politics from now on.

They won't take a risk on sentiments by hooting for a shoeless politician or simply a man of integrity.

They will root for a tested technocrat. I suspect the governor in Kaduna may be the man

Kemi Adeosun is an incompetent finance minister, an amateur at that who has no business being in Finance house. He just got it based on quota system credentials.

What did you do with the money when oil prices were high?
Nothing?
Only remittance from the diaspora is saving Nigeria right now. You can shout transformation agenda as much as you can, Nigeria clock has been turned back by Jonathan and Iweala straight back to 1982.

Buhari should resign honourably for having failed in his duty. He surrounded himself with sycophants and incompetent people who have long been maasturbating at the corridors of power in a bid to loot.

Most economic indices was pointing upwards for Nigeria until Buhari started making comments in the foreign press like "Nigeria is broke" & "Nigerians are corrupt" & since then every foreign investor ran.

Sai Buhari

Buhari is an economic dullard

It has never been this bad.

He has sacrificed all to fight corruption.
Which Nigerians always yelled for
While sacrificing the economy as a collateral damage.

Keneking:
Sai Buhari

^^^^^^^^^^^^^

Just Look up and look down
May you never have any reason to stay in between people with formatted brain this year IJN. AMEN

√√√√√√√√√

^^^^

Useless and senseless haters.

This BBC is one stupid news platform.

Where is the worsening economy?

Did the govt say they cannot pay salaries or cannot fund the budget?

This long sighted govt already said the oul won't be a factor. We are finding thru tax and internal revenue from govt agencies. If customers cld make 0.98 trillion in 9months, then we have no problem.

Whenever oil dwindles, the yeye BBC will hit on Nigeria. Dem send u come?

Abi ko fe daa fun yin ni ke?

myopinion2011:
restriction of dollar sales does not solve Nigeria problems as it stands. Only REAL production will. Oil is dead and will not rise again.

I pray oil falls to the point where One Nigeria hypocrites will be forced to finance Nigeria with their resources

And if they insist on True Federalism, their request will be rejected.

And if they secede, may God judge them.



God bless SE/SS

SLIDEwaxie:
This BBC is one stupid news platform.

Where is the worsening economy?

Did the govt say they cannot pay salaries or cannot fund the budget?

This long sighted govt already said the oul won't be a factor. We are finding thru tax and internal revenue from govt agencies. If customers cld make 0.98 trillion in 9months, then we have no problem.

Whenever oil dwindles, the yeye BBC will hit on Nigeria. Dem send u come?

Abi ko fe daa fun yin ni ke?

This is the same BBC that Buhari only speaks through to Nigerians

You only listen to BBC when buhari speaks, but after that you turn deaf

Kontinu, your hypocrisy will soon be advertised on Aljazeerah

The welfarist seeking regions will suffer more in d impending economic doom

Our minister of petroleum In aso rock knew virtually nothing about tackling economic crisis, and worst is his incompetent finance minister.

If we repent from our bad ways God will give us better leaders, having PMB as our President is evidence of Yahweh's punishment.

Chai buhary

However, the move has made it more difficult for Nigerian manufacturers to buy raw materials from sources abroad, because of limits of supplies of dollars and that is restricting economic growth.

Exactly, if u don't encourage businesses and money does not go round and CAPITAL FLIGHT is mistaken for. Corruption. The economy can never grow.
It's automatic and not rocket science.
Let people do business, give people jobs, let investors and companies flood the Nigerian market, let money flow round and there will be economic growth; as simple as that. But I think this administration is doing the opposite by restricting companies and increasing unemployment.

^^
Both Saudi Arabia and the UAE will remove their respective fuel subsidies. An immediate effect could be the increase in Emirates air fares. Emirates have been able to keep their fares, on average, lower than the premium European carriers because the UAE govt heavily subsidizes aviation fuel.

Its like wailers attend crash courses on how to be fooolish and useless. Is it PMB that reduced global oil prices

Buhari is the worst thing that happened to Nigeria. By 2019 Nigerian economy will be as battered and destroyed like the North East